Colorado Employment Situation – July 2020

6,200 Nonfarm Payroll Jobs Added in July; Unemployment Rate Falls to 7.4%

Household survey data

According to the survey of households, Colorado’s seasonally adjusted unemployment rate decreased to 7.4 percent in July from 10.6 percent, as revised, in June. During the same period, the national unemployment rate declined nine-tenths of a percentage point to 10.2 percent.

Other highlights from the household survey:

  • Colorado’s labor force decreased by 97,500 in July to 3,079,600. The labor force participation rate fell to 66.6 percent, identical to May’s rate.
  • The number of individuals employed in Colorado increased by 11,100 in July to 2,851,300, which represents 61.7 percent of the state’s 16+ population. While Colorado’s employment-to-population ratio continues to improve since April, when it was 58.3 percent, it is still well below the February level of 67.7 percent.
  • The Colorado counties with the highest unemployment rates in July were: Gilpin (12.0%), Summit (10.1%), Huerfano (9.9%), Pitkin (9.4%), and Eagle (9.4%). County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s July unadjusted rate of 7.4 percent.

Establishment survey data

Employers in Colorado added 6,200 nonfarm payroll jobs from June to July for a total of 2,605,300 jobs, according to the survey of business establishments. Private sector payroll jobs increased 23,400 and government declined by 17,200. Since May, Colorado has gained back 134,200 of the 342,300 nonfarm payroll jobs lost between February and April. That translates to a job recovery rate of 39.2 percent, which lags the U.S. rate of 41.9 percent.

Other highlights from the establishment survey:

  • June estimates were revised up to 2,599,100, and the over the month change from May to June was a gain of 57,000 rather than the originally estimated increase of 55,000 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
  • Private industry sectors with significant job gains in July were: leisure and hospitality (~11,800), trade, transportation, and utilities (~6,800), professional and business services (~2,200), education and health services (~1,200), and other services (~1,200). There were no significant over the month declines.
  • Since July 2019, nonfarm payroll jobs have decreased 186,200, with losses totaling 146,900 in the private sector and 39,300 in government. The largest private sector job losses were in leisure and hospitality (~77,200), trade, transportation, and utilities (~23,600), and education and health services (~15,100). Colorado’s rate of job loss over the past year is -6.7 percent, compared to the U.S. rate of -7.5 percent.
  • Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.5 to 33.4 hours, while average hourly earnings rose from $30.25 to $30.48, over a dollar more than the national average hourly earnings of $29.39.

The following are the unemployment percentages for counties in southeast Colorado:

 

Labor Force July 2020 Unemployed June 2020 July 2019 Unemployed
Baca 1,942 2.1 40 4.1 1.4

33

Bent

1,717 4.1 70 6.6 3.1 62
Cheyenne 1,074 2.0 22 3.8 1.5

19

Crowley

1,311 4.3 57 7.7 4.4 67
Kiowa 881 2.2 19 4.0 1.4

14

Kit Carson

3,967 2.7 108 4.6 1.5 72
Las Animas 5,990 7.5 452 11.3 4.3

286

Otero

7,554 6.0 453 8.8 4.1 357
Prowers 5,824 4.1 238 6.7 2.7

181

Filed Under: AgricultureConsumer IssuesCountyEconomyEmploymentFeaturedHot TopicsMedia Release

Tags:

About the Author: